- Cyber Security Industry Advisory Committee talked about various opportunities related to the crypto industry that might help facilitate mainstreaming of crypto assets.
- Minimum security standards and great resourcing to fight cybercrime would protect the investors in the long run, says Jonathan Miller, Kraken’s Managing Director for Australia.
- The Federal Advisory Committee suggests four areas to explore for a safe crypto adoption of the asset class in Australia.
Australian cyber security advisor, Cyber Security Industry Advisory Committee has suggested several opportunities related to cryptocurrencies for the government to take on. This was followed by the government preparing for mainstreaming cryptocurrency adoption globally.
What does the Study highlight?
Exploring cryptocurrencies was the title of the study released by Australia’s Department of Home Affairs, mentioning the rise in crypto adoption as the country witnessed a rapid transformation to an advanced digital economy.
It further says that there is a need for regulatory settings that facilitates higher clarity and confidence regarding the operation of the cryptocurrency market in Australia.
The Industry Advisory Committee suggests four areas that the Federal Government should explore for safe crypto adoption in the country. These are Minimum Cyber Security Standards, Transparency, Follow the Lead, and Capability through increased specialized training.
The Committee’s focus is to reduce cybersecurity threats related to cryptocurrencies. Hence, it recommended necessary minimum cyber security standards for cryptocurrency exchanges and Australian businesses holding cryptocurrencies.
According to Jonathan Miller, Kraken’s Managing Director for Australia, minimum security standards and great resourcing to fight cybercrime would protect the investors in the long run.
The Advisory further suggested a greater focus on increased public awareness through training on cryptocurrency opportunities and potential threats and cybercrimes. The Follow the Lead approach focuses on Australians learning and implementing best international practices in the crypto sector. It calls for higher transparency regarding crypto exchanges and blockchain-based companies.
Highlighting the potential opportunities in mainstreaming cryptocurrencies, the study disclosed the disrupting ability of Blockchain technology to tokenize various things like carbon credits, loans, and real estate. And that adoption of cryptocurrencies allows businesses to explore a new set of customers. It further says that primarily the opportunity of offsetting carbon emissions facilitates mainstreaming.
The crypto industry is growing and evolving day by day, with several countries taking measures towards it. It is to look forwards if the factor highlighted in the study helps crypto adoption in the country.
ALSO READ: Crypto Has Its Benefits, Grown By Leaps And Bounds: Highlights U.S. Treasury Secretary
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Source: https://www.thecoinrepublic.com/2022/03/26/advisory-committee-suggests-key-aspects-for-crypto-adoption-in-australia/